Navidea Biopharma (NYSE: NAVB) reported Q2 EPS of ($0.06), $0.02 worse than the analyst estimate of ($0.04). Revenue for the quarter came in at $2.9 million versus the consensus estimate of $2.18 million.

Specific events and milestones achieved since the beginning of the second quarter include the following:

Commercial

• Achieved sequential quarter-on-quarter Lymphoseek revenue growth and continued improvement in key performance indicators;
• Fully deployed a Lymphoseek-dedicated field force mid-second quarter;
• Exercised pricing leverage, as per plan, resulting in a 39% Lymphoseek price increase beginning July 31st;
• Reported positive Lymphoseek comparative results from an injection site pain study in breast cancer presented at the 2015 Society of Nuclear Medicine and Molecular Imaging annual meeting;

Lymphoseek Lifecycle Management

• Awarded NIH grants to explore new applications of the Manocept™ platform for cardiovascular disease and rheumatoid arthritis (RA) totaling up to $2.0 million;
• Received confirmation of continued development funding under part 2 of a previously awarded NIH grant for Lymphoseek in cervical cancer totaling $1.5 million;
• Reported clinical imaging data demonstrating Tc 99m tilmanocept localizes in Kaposi’s sarcoma (KS) tumor lesions including brain lesions;
• Verified Manocept CD206-targeting mechanism of action with publication in peer-reviewed Journal of Immunology providing clear clinical differentiation from other non-targeted agents and showing future potential for the delivery of therapeutics for cancer and other macrophage-dependent diseases;

Operational & Financial

• Reduced cash burn by over 40% for the first half of 2015 compared to the first half of 2014;
• Secured approximately $18 million in additional net capital;
• Completed the divestiture of the Company’s investigational imaging agent for the detection of Parkinson’s disease;
• Continued partnering/divestiture efforts for the Company’s investigational imaging agent, NAV4694, for the detection of amyloid plaques in Alzheimer’s disease;

Therapeutic & Diagnostic Development Pipeline

• Reported data demonstrating that a Manocept-Doxorubicin (MT-1001) conjugate selectively targets tumor-associated macrophages and destroys the cells through an apoptotic mechanism;
• Formed a research collaboration with BIND Therapeutics to engineer CD206 targeted nanoparticles using Manocept;
• Reported positive Manocept proof-of-concept data demonstrating the potential for the Manocept platform as a diagnostic and therapeutic for rheumatologic conditions; and,
• Received confirmation of continued NIH-grant funding for clinical trials of NAV4694 in Alzheimer’s Disease and Mild Cognitive Impairment totaling $1.7 million.

For earnings history and earnings-related data on Navidea Biopharma (NAVB) click here.